The July issue of CFO Magazine has an interview with Glenn Christenson, CFO of Station Casinos. It can be read at the link below. Two interesting quotes are:
"Back in 1997, the Nevada legislature passed Senate Bill 208, which limits where these local properties can be built. There are only a few sites that can be developed as casino properties, and we control the majority of them. In fact, we own more gaming-entitled nondeveloped land in Las Vegas than any other company. And there is no way that anyone can duplicate that."
""Eighty-seven percent of our cash flows come from slots. So we are very much oriented toward our casino floors, which is one reason we are able to give [earnings] guidance. We have guidance out there for 2007; no other gaming company is doing that. Hotel rooms and table games are very volatile. And on the Strip, hotel cash flows make up about 40 percent of the total; table games about 12 to 15 percent. Consequently, the Strip companies are not able to give guidance out anywhere near as far as we can."